SET-listed WHA Corporation, the country's largest developer of built-to-suit logistics facilities, is calling for the next government to take advantage of more foreign investment, especially from China, to boost technology transfers and local employment.
Authorities should ensure foreign investment does not solely intensify competition with local entrepreneurs, said Jareeporn Jarukornsakul, chairman and group chief executive of WHA Group.
"Chinese investment continues to increase. They come with big budgets, along with suppliers in supply chains that offer goods at inexpensive prices," she said.
"Many Thai entrepreneurs can barely compete with them."
The government should consider how to encourage Chinese to transfer their technology and hire locals. These are desirable outcomes that can boost the economy, said Ms Jareeporn, adding foreign investment-driven economic development happened when Japanese firms invested in Thailand.
Conflicts such as the US-China trade war are causing large Chinese companies to relocate production facilities to Asean countries, including Thailand.
Many Chinese investors are interested in the electric vehicle (EV) industry, which is being promoted by the government.
The National EV Policy Committee announced in 2021 wants EVs to constitute 50% of locally made vehicles by 2030, part of an ambitious plan to make Thailand a regional EV hub.
Ms Jareeporn was sharing her views at a seminar on the new era of the economy, held days after the House of Representatives was dissolved on Monday.
Japanese auto makers are also interested in the EV business in Thailand. They can help the government achieve the regional EV hub goal, but authorities need to come up with more measures to support investment in the development of new-generation cars.
WHA believes Thailand has good infrastructure to attract foreign investment. Infrastructure development to support targeted S-curve industries in the Eastern Economic Corridor has potential to grow.
